Hemisphere Properties Board Approves Q2 FY26 Results, Pune Land Sale Worth ₹1305 Crore
Hemisphere Properties' board approved Q2 FY26 standalone results and received approval for the ₹1305.57 crore Bopkhel land sale, while auditors noted compliance issues and unassessed liabilities.
The approval for the sale of a significant land parcel for ₹ 1305.57 crore and the equity fundraising of ₹ 75 crore are substantial business developments that will significantly affect the company's financial position and operations. Additionally, the auditor's findings regarding non-compliance with SEBI regulations and unassessed liabilities pose considerable risks and require significant attention, thus warranting a high impact assessment.
The approval for the sale of the Bopkhel land parcel for ₹ 1305.57 crore and the allotment of ₹ 75 crore in preference shares are positive financial developments. However, the auditor's report highlights significant concerns regarding non-compliance with Independent Director appointment regulations, unassessed stamp duty liability of ₹ 639.80 crore, and unrecognised property tax liability, which temper the overall sentiment.
Hemisphere Properties India Limited announced the outcome of its Board Meeting. Key details include: * The Board of Directors, in their meeting held on August 14, 2025, considered and approved the Unaudited Standalone Financial Results for the quarter ended September 30, 2025. These results were later reviewed by the Audit Committee and taken on record by the Board on October 24, 2025. * M/s Aggarwal & Rampal, Chartered Accountants, issued a Limited Review Report with an unmodified opinion on the financial results. * Auditors noted non-compliance with Section 149 of the Companies Act and SEBI Listing Regulations regarding the appointment of Independent Directors, with no provision made for potential penalties. * During the quarter ended September 30, 2025, the Office of the Collector, Pune, Maharashtra, approved the sale of the Bopkhel land parcel on September 26, 2025, for a premium of ₹ 130,55,66,000 (₹ 1305.57 crore). This premium has been recorded as an improvement in inventory. * A provision for Stamp Duty Payable of ₹ 65,100 lacs (₹ 651 crore) was made based on FY17 circle rates, though the actual liability may vary. The management has not reassessed the remaining outstanding liability of ₹ 63980.21 lacs (₹ 639.80 crore) as of September 30, 2025. * The company has not recognized Property Tax/Urban Land Tax Liability for a 53.04-acre land parcel in Chennai, stating the liability is not presently determinable. * During the quarter ended September 30, 2025, the company allotted 7,50,00,000 (7.5 crore) Cumulative Redeemable Preference Shares of ₹ 10 each, aggregating to ₹ 75,00,00,000 (₹ 75 crore), to the Promoter (President of India) on a private placement basis. * As of September 30, 2025, Total Assets stood at ₹ 117239.99 lakhs (₹ 1172.40 crore) and Total Equity at ₹ 43996.07 lakhs (₹ 439.96 crore). * Net Cash from Operating Activities for the half year ended September 30, 2025, was ₹ 14956.79 lakhs (₹ 149.57 crore).
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Hemisphere Properties India Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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